Company profile
SEC EDGAR ↗- Industry
- Retail-Drug Stores and Proprietary Stores
- Listed
- NYSE: CVS
- Incorporated
- DE
- Headquarters
- Woonsocket, RI
- Fiscal year end
- Dec 31
Financials
FY2025- Revenue
- $402.1B
- Net income
- $1.77B
- Total assets
- $253.5B
| Fiscal year | Revenue | Net income | Total assets |
|---|---|---|---|
| FY2025 | $402.1B | $1.77B | $253.5B |
| FY2024 | $372.8B | $4.61B | $253.2B |
| FY2023 | $357.8B | $8.34B | $249.7B |
| FY2022 | $322.5B | $4.31B | $228.3B |
| FY2021 | $292.1B | $8.00B | $233.0B |
| FY2019 | $256.8B | $6.63B | $222.4B |
Reported fiscal years from SEC filings (10-K) — SEC EDGAR ↗. Stratrix is a strategy publication, not a real-time financial data service.
Decisions on record
3 verified Decision Records on CVS Health, and the casebook each one belongs to.
| Fork date | Decision type | The story | Casebook |
|---|---|---|---|
| 2014 | Cannibalization Choice | Read the story → | Cannibalization Choice Casebook → |
| 2018 | The Cross-Subsidy | Read the story → | The Cross-Subsidy Casebook → |
| 2021 | The Fall | Read the story → | The Fall Casebook → |
Run one of these yourself
The decisions CVS Health faced, as kits you can run.
Each pack takes one of these decisions and gives you the framework, a deck for the room, a model that resolves to one number, and the sourced cases behind it. $499, one-time.
Growth & PortfolioThe Adjacency ExpansionWhen does the business next door belong to you?See the pack →Decision ForksThe CannibalizationShould you launch the thing that takes revenue from your best business?See the pack →Business ModelThe Cross-SubsidyWhich unit pays for the others, and has anybody ever approved it?See the pack →
The analyses
The Adjacency Expansion · Growth & Portfolio
CVS Bought Every Piece of the Healthcare Chain. Owning the Risk Is the Part It Can't Price.
CVS spent ~$78B on Aetna and $10.6B on Oak Street to stop being a pharmacy and start being healthcare itself. The design is elegant. But its Aetna Medicare loss ratio hit 90.4% in Q1 2024, and the insurance arm lost $439M in a single quarter.
8 min
The Cannibalization Choice · Growth & Portfolio
CVS Quit Cigarettes. The $2 Billion Headline Hid the Real Trade.
In 2014 CVS walked away from ~$2B in tobacco revenue and called it the right thing to do. The number is real but misleading: ~$1.5B was direct sales, ~$500M was basket — and the company said it didn't touch 2014 EPS. The sacrifice was the point.
7 min
The Cross-Subsidy · Business Model
CVS Calls Itself a Health Company. It's a PBM Carrying Two Expensive Passengers.
Wall Street thinks the Aetna deal turned CVS into a diversified powerhouse. In 2024 the insurer's adjusted operating income collapsed 94% - from $5.6 billion to $307 million - and the stores kept closing, while one segment quietly threw off $7.2 billion and held the whole thing up.
7 min
The Fall · Crisis & Reinvention
Everyone Blames the Opioid Settlement. CVS Decided to Close the Stores a Year Earlier.
CVS's board authorized closing ~900 stores on November 17, 2021—nearly a full year before the $5B opioid settlement. The real culprit is a margin that fell from 9.9% to 4.6% in eight years. The settlement was a convenient story.
7 min